James Tobin was an American economist who served on the Council of Economic Advisers and consulted with the Board of Governors of the Federal Reserve System, and taught at Harvard and Yale Universities.
21 Facts About James Tobin
2.
James Tobin contributed to the development of key ideas in the Keynesian economics of his generation and advocated government intervention in particular to stabilize output and avoid recessions.
3.
James Tobin proposed an econometric model for censored dependent variables, the well-known tobit model.
4.
James Tobin was born on March 5,1918, in Champaign, Illinois.
5.
James Tobin attended the University Laboratory High School of Urbana, Illinois, a laboratory school in the University's campus.
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In 1935, on his father's advice, James Tobin took the entrance exams for Harvard University.
7.
James Tobin's first published article, in 1941, was based on this senior thesis.
8.
James Tobin immediately started graduate studies, at Harvard, earning his AM degree in 1940.
9.
In 1947 James Tobin was elected a Junior Fellow of Harvard's Society of Fellows, which allowed him the freedom and funding to spend the next three years studying and doing research.
10.
In 1950 James Tobin moved to Yale University, where he remained for the rest of his career.
11.
In 1957 James Tobin was appointed Sterling Professor of Economics at Yale.
12.
Besides teaching and research, James Tobin was strongly involved in the public life, writing on current economic issues and serving as an economic expert and policy consultant.
13.
James Tobin served for several terms as a member of the Board of Governors of Federal Reserve System Academic Consultants and as a consultant of the US Treasury Department.
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James Tobin was awarded the John Bates Clark Medal in 1955 and, in 1981, the Nobel Memorial Prize in Economics.
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James Tobin was a fellow of several professional associations, holding the position of president of the American Economic Association in 1971.
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James Tobin was an elected member of the American Academy of Arts and Sciences, the American Philosophical Society, and the United States National Academy of Sciences.
17.
James Tobin died on March 11,2002, in New Haven, Connecticut.
18.
James Tobin was a trustee of Economists for Peace and Security.
19.
In late June, 2009, the family announced via a private email that James Tobin's wife had died at the age of 90.
20.
James Tobin's Tobit model of regression with censored endogenous variables is a standard econometric technique.
21.
Nobellist James Tobin took this line and discovered that in some cases you do not need to worry about the utility of income in thousands of states, and the attached probabilities, to solve the consumer's choice on how to spread income among states.